Astellas Pharma Inc. said Monday it will buy U.S. pharmaceutical company Iveric Bio Inc., which focuses on ophthalmology treatments, for about $5.9 billion, as the Japanese drugmaker continues its merger and acquisition drive.

Astellas will acquire all outstanding shares of Iveric Bio for $40 per share through its U.S. unit, Astellas US Holdings Inc., the Japanese drugmaker said in a release.

Iveric, which is listed on the Nasdaq market, is currently seeking U.S. approval for a drug for age-related macular degeneration, an eye disorder that can cause blurred vision, Astellas said.

For the deal, the Japanese company plans to procure about 800 billion yen ($5.9 billion) through bank loans and by issuing commercial paper. The transaction is expected to be completed by the end of September.

==Kyodo

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